Royal Unibrew (RBREW.CO): Subdued Q2 on Easter phasing but favourable weather and buyback optionality means minor cons upgrades likely. Neutral.

研报英文原文证据摘录

Royal Unibrew (RBREW.CO): Subdued Q2 on Easter phasing but favourable weather and buyback optionality means minor cons upgrades likely. Neutral.

Action |

02 Jul 2026 00:00:00 ET │ 14 pages

Royal Unibrew (RBREW.CO)

Subdued Q2 on Easter phasing but favourable weather and buyback

optionality means minor cons upgrades likely. Neutral.

CITI'S TAKE

After a solid Q1 driven by early Easter, we expect a sequential deceleration

for Q2 top-line growth. We upgrade our volume estimates to benefit from

Neutralfavourable weather and continued strong Africa, while headwinds such as

change of commercial strategy in Netherlands remain a drag. We expect Price (01 Jul 26 17:00) Dkr444.20

group to announce further buyback extension at Q2 stage. With the group Target price Dkr450.00

reporting Q2/H1 result in mid-August with good visibility on July/August

Expected share price return 1.3%momentum, we expect management to fine-tune the +6-10% EBIT growth

guidance (Citi/consensus estimates +8%/+7%). Despite resilient underlying Expected dividend yield 3.9%

momentum and option to announce further buyback, supporting EPS cons Expected total return 5.2%

upgrades, we see limited scope of re-rating in absence of any major catalyst

and reiterate our preference for Carlsberg among EU brewers. Market Cap Dkr21,899M

US$3,334M

Subdued Q2 on Easter phasing with some support from weather — Royal Unibrew

will report Q2/H1 results on 17th August. We forecast group Q2 organic sales growth

of -0.1% (consensus -1.8%) on organic volumes up +1.8% (consensus -0.6%)

reflecting the headwinds from Easter phasing partially offset by favourable weather Price Performance

in most parts of Northern Europe. On a reported basis, we forecast net sales growth (RIC: RBREW.CO, BB: RBREW DC)

of -0.6% (consensus -2.2%).